MRX Metalrax Group

RNS Number:0956X
Metalrax Group PLC
23 May 2007

                                                                     23 May 2007
                                                                         12.30pm
                               Metalrax Group PLC
                          ("Metalrax" or "the Group")

                                 AGM Statement

At the Group's Annual General Meeting today, the Chairman, John Crabtree, will
make the following remarks on current trading and other matters:

"I am able to report that the Group has achieved an increase in revenue in the
year to date. However, we have to deal with many challenges, both internally and
externally generated, as we continue to work through the reorganisation that is
transforming the Group.

Whilst the Housewares division has seen a continuation of its improved bottom
line performance which began in the final quarter of last year, both the
Automotive and Engineering Support Services divisions are experiencing some
short term difficulties.

In the Automotive division, management expectations for Bacol Fine Blanking have
been held back by the protracted integration of the Belsize acquisition. In the
Engineering Support Services division a number of its businesses are being
affected by reduced demand in their markets. Management is however taking action
to overcome these issues and the Board remains cautiously optimistic that an
improved performance (pre exceptional items) will be achieved for the year as a
whole.

As planned, each division is embarking on one further major reorganisation in
order to substantially complete the transformation of the Group. The Automotive
division is preparing to allocate the work done by Prescott Powell to MRX
Automotive in Smethwick and to Romania. The two coil coaters in the Engineering
Support Services division will soon commit capital expenditure for the expansion
and update of one of the lines before transferring all of the production to that
line at the end of the year. The profit improvement plan at GW International in
the Housewares division is well under way with the resultant property disposal
likely to offset a proportion of the exceptional costs being incurred on the
2007 reorganisations together with the exceptional costs arising from the
continuing integration of Belsize.

The major refurbishment of the Romanian facility is about to be completed.
Following quality inspections by major customers the facility will soon be ready
for production on the back of the new orders already received.

With the planned retirement of Chief Executive, Richard Arbuthnot, at the end of
2008, the Board has commenced a process in order to identify a successor. A
further announcement will be made as and when appropriate."


Enquiries:

Metalrax Group PLC                          0121-433-3444
 Richard Arbuthnot, Chief Executive
 Bill Kelly, Group Finance Director

Smithfield Consultants Limited              0207-360-4900
 Reg Hoare
 Will Swan
 Will Henderson



                      This information is provided by RNS
            The company news service from the London Stock Exchange
END
AGMPUUPCAUPMGGW

Metalrax Group (LSE:MRX)
Historical Stock Chart
From Jun 2024 to Jul 2024

Metalrax Group (LSE:MRX)
Historical Stock Chart
From Jul 2023 to Jul 2024